CRI听力:Macau Seeks Economic Diversity

Macau recorded negative growth in its final four years under Portuguese rule. Then, since returning to China, a lift-off, especially after 2002, largely due to the liberalization of the gaming industry.

Dr. Ricardo Chi Sen Siu from the University of Macau takes a closer look at some of the figures recorded.

"As compared between 1999 and 2013, the GDP has been eightfold, in which the growth of gaming revenue increased by 27 times. The unemployment also decreased dramatically, from around 7.1% percent in 2000, to nowadays, it's just around 1.7%. This is a full employment level already. Macau's economy, with the support from the Beijing Government, has been in a very good shape for the development."

A much better shape, indeed, but it's fragile, since Macau's economy is dependent on gambling. It is the only place in China where gambling is legal. But the central government's anti-graft campaign has affected the region's economy, pushing it into negative growth in the third quarter for the first time in five years.

Maria Helena de Senna Fernandes, Director of Macau Government Tourist Office, says the city's economy needs to diversify even more. And that's why it has launched many initiatives to develop new pillar sectors.

"Leisure tourism is creating a lot more events and activities that attract visitors to come to Macau. Besides that, of course, other industries which are starting to grow here include the meeting and convention sector, and the other one more at an initiating stage, is the creative industry. And besides that, there is also another area, Chinese traditional medicine."

Leaders in Macau have also been trying to reinforce integration into the Pan-Pearl River Delta, linking Guangdong province and other parts of the mainland. Over the years, close economic ties have been built within the region, joining 9 provinces and 2 special administrative regions under the Cooperation Framework Agreement.

Sou Tim Peng, Director of Macau Economic Services, says this agreement has helped strengthen Macau's position as a designated foreign direct investor in the region.

"Participating in this mechanism will be important for our enterprises to understand what is the policy environment for the investors. In particular, we have a very strong relation with Guangdong, especially significant for Macau is Hengqin Island development. Recently, we have two important cooperation projects in Hengqin, one is the new campus of the University of Macau, and the other is the joint development of the Guangdong-Macau Industrial Park in Hengqin".

Macau is now looking at new opportunities that should boost regional collaboration in tourism, trade and investment this coming Thursday, when the border crossing between Macau and Hengqin Island starts operating 24 hours a day.

For CRI, I'm Luo Yu in Macau.